Palletways Group profits doubled
Palletways has reported a doubling of profit for 2015, following a period of investment in new technology, infrastructure, additional services and geographic expansion. In a statement issued today (10 December), Palletways announced that for the year ending 31 May 2015, it achieved an operating profit of £10.0m, up from £5.1m in 2014, or £13.0m excluding the impact of investment in Germany. Group revenue increased 14% to £237m.
The improved results followed a 9% increase in volumes, with Palletways’ now sorting and transporting more than 33,000 pallets every day through its pan-European network of 400 depots spanning 20 countries.
Palletways chief executive James Wilson said: “With continued growth in e-commerce and an improvement in economic sentiment, the market for express palletised freight across Europe continues to grow strongly and we have positioned Palletways to capture an increasing share of this growth.”
The results follow significant investment in Palletways’ regional hubs, including a new facility near its UK headquarters in Fradley, West Midlands, which has expanded its capacity by 8,000 pallets a day.
Work has also just begun on a €10m investment in a new hub operation in Central Germany which will triple delivery capacity in the region.
Other developments include a new regional hub in Montpellier in France, and expansions to existing hubs in Milan, Italy, and Zaragoza, Spain, to handle additional international freight. The group has also expanded into Poland, Romania and Bulgaria as well as the Baltic states over the past 12 months.
